Sometime last month, the internet went agog, when it was claimed that, Google had designed a quantum computer, capable of finding solutions to some, formerly, impossible mathematical calculations.
The quantum computer, with a, so called, “quantum supremacy”, has the ability to solve calculations that were deemed impossible, by traditional computers.
This supremacy could mean that the quantum computer can perform what it would take a powerful computer, 10, 000 years to do, in less than 4 minutes.
Note that, Bitcoin, with its cryptography and encryption, depends on complex mathematical problems.
The basics of this, provide the basis of the internet and digital communication.
If the calculations can be achieved, then, the encryption that covers bitcoin could be broken.
A computer, similar to the computation power of Google’s quantum computer, could solve these mathematical equations that, would quickly crack the bitcoin and also, break the encryption, used in designing the internet.
Irregularities, with the bitcoin investment and prices, in recent times, have caused a lot of worries, over the crypto coins, facing potential threats, from these extreme Google quantum computers.
Fortunately, some crucial steps can be taken, to prevent Google and any other quantum computer, in having a hold on bitcoin and digital communication.
Cryptocurrencies can be updated with quantum-resistant tech,” noted, Charles Hayter, Chief Executive of bitching and cryptocurrency data website, CryptoCompare. “This is, just, a continuation of the age-old arms race, between crackers and enciphers”, he observed.
It could be that Google is still a step away, from designing a quantum computer that could threaten bitcoin, or, any other form of encryption.
According to Dragos Ilie, a quantum computing and encryption researcher, at Imperial College London, Google’s supercomputer currently has 53 quantum bits.
Quantum bits are the basic unit of quantum information that employs properties of a quantum system, whereas, traditional computers, store and process data, as a series of ‘1’s and ‘0’s.
“In order to have any effect on bitcoin, or, most other financial systems, it would take at least, about 1500 qubits and the system must allow for the entanglement of all of them”, he noted.
“As you add more qubits, the system becomes more and more unstable … [though] researchers can try different approaches, for solving these issues, so, maybe there are ways, to mitigate these problems, but right now, we are quite far, from breaking bitcoin”, Ilie opined.
In short, “don’t dump your bitcoins yet,” concluded.
Featured Image: medium
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